Yes through the process of what we call "Burning" (Destroying) or "Proof-of-Burn". 

One way to burn STEEM and/or SBD is by using the "PROMOTE" button on your blog posts. 

When a post is promoted via this method, in exchange for the Steem/SBD sent, the post is put in the "PROMOTED" section making it more visible to other users.

What really happens is that the STEEM/SBD payment is sent to the @null account. The mechanism of the Steem blockchain is that whatever STEEM or SBD received by this account is burned or destroyed immediately. Thereby reducing the amount of Steem and SBD in circulation, possibly increasing the price of these two tokens in the market. 

Less Supply + More Demand = Increase in Price